According to Canadian gambling regulation experts, Drake’s $1.3 million Super Bowl bet he placed using bitcoins may have been illegal.
The Toronto-based hip-hop star pocketed $300,000 in Super Bowl profits on Sunday after depositing $1.3 million worth of bitcoins using Stake, an overseas-based betting app.
Drake correctly bet that the Los Angeles Rams would beat the Cincinnati Bengals and that his friend, Rams wide Odell Beckham Jr, would score a touchdown.
The rapper probably would have made more money if Beckham hadn’t injured his knee early in the game. Drake had bet some $393,000 that Beckham would rack up over 62.5 receiving yards. In the end, Beckham had 52 yards before getting injured.
A few days before the big game, Drake posted a screenshot on his Instagram account showing the bets he placed on Stake.
But Stake is not licensed to operate in the province of Ontario, according to PlayCanada.
The Ontario Lottery and Gaming Corporation, the provincially run regulator, only licenses its own Proline Plus app to operate as an online bookmaker.
The Post has reached out to Stake and OLG for comment. Drake could not immediately be reached for comment.
Ontario will allow private sports betting apps to start operating legally in the province from April 4, although it’s unclear if Stake will be one of the platforms to be licensed.
John Holden, professor of Canadian business at Oklahoma State University, told the Post that whether or not Drake broke the rules depends on where he was when he placed the bet.
“Ontario and the other provinces that have legalized single-game betting are looking to claw back the money that was going to gray market operators,” he told the Post.
“However, one of the things that has not followed the announcement of the expansion of the privatized market in Ontario is the announcement of what will be done to try to keep Canadians betting on Canada’s licensed sportsbooks. and away from the gray market where betting largely escapes taxation.”